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States continue efforts to address foreclosure issues
Posted Date: Monday, January 30, 2012
While industry members may be more confident about the foreclosure process and how to ensure they are insuring marketable title to REO properties, state legislatures and regulators continue to look at the foreclosure processes in their states. The Legal Description wants to know how these proposed changes are impacting your business.
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Indiana exploring potential new rate making system
Posted Date: Monday, January 30, 2012
Indiana could be changing its stripes, becoming a filed-rate state, permitting the establishment of a rating bureau to assist with the filing of those rates. Earlier this month, Sen. Karen Tallian, D-Portage, introduced SB 410, a bill that, if passed, would establish those changes.
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Rhode Island makes mortgage fraud a criminal offense
Posted Date: Wednesday, January 18, 2012
A bill has been introduced in the Rhode Island legislature that would make residential mortgage fraud a criminal offense under state law and establish a statute of limitations for it and related crimes. Read on for more details.
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Title insurer sues closing attorney for malpractice, negligence
Posted Date: Wednesday, January 18, 2012
A national title insurer sued a closing attorney who closed a refinance loan in South Carolina, alleging the attorney was negligent for failing to release a prior mortgage on the property, causing the company to pay out $200,000 in claims. Read on to find out what the U.S. District Court for the District of South Carolina ruled when the case came before it on the attorney’s motion to dismiss.
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Arizona DOI director appoints head of financial affairs division
Posted Date: Wednesday, January 18, 2012
The director of the Arizona Department of Insurance announced the appointment of a new head of the financial affairs division. He will be in charge of monitoring the financial health of insurance companies operating in the state.
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Closer’s duties complicated by legal difficulties of 2011
Posted Date: Wednesday, January 18, 2012
The closers’ duties are truly a balancing act, as they are always walking that fine line to keep the lender, underwriter and borrower at ease through various points of the transaction. And many factors can play into how a closer fulfills its obligations. Read on for information about important title agent requirements and how to better fulfill your obligations as a closer.
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Settlement services associations voice opinion in unearned fee case
Posted Date: Monday, January 16, 2012
Ahead of oral arguments in the U.S. Supreme Court on Feb. 21, several settlement services associations have filed a amicus brief in a case that will settle a dispute regarding whether it is a violation of REPSA Section 8(b) to charge an unearned fee if the fee is not divided between two or more parties. Read on for their argument.
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Rhode Island court appoints special master for foreclosure negotiations
Posted Date: Monday, January 16, 2012
The U.S. District Court judge in charge of handling hundreds of foreclosure transactions in Rhode Island has appointed a special master to help with foreclosure negotiations. Read on to find out more about this new position and what it means for foreclosure actions in the state.
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Mortgage broker sentenced for defrauding family, settlement company
Posted Date: Monday, January 16, 2012
A Bethesda, Md., mortgage broker was sentenced to more than two years in prison and ordered to forfeit $1.4 million for working with an appraiser to defraud a construction company owner, bank, settlement company and members of his own family. Read on for more details.
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Cordray appointment given green light by DOJ
Posted Date: Monday, January 16, 2012
While many speculated about the constitutionality of President Obama’s appointment of Richard Cordray while the Senate was in recess, the Department of Justice said he was within his rights to do so, publishing a memorandum opinion on the subject on Jan. 6.
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Hawaii legislature considers new title report requirements
Posted Date: Monday, January 16, 2012
The Hawaii Legislature is considering a bill that will add new requirements for the title reports the title industry prepares, as well as additional penalties for not complying with these new requirements. Read on for more details.
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Escrow co.’s suit for malicious prosecution SLAPPed down in Calif. court
Posted Date: Monday, January 16, 2012
After being sued for breach of contract and negligence for not paying off a lien in time, a California escrow company sued the insureds for malicious prosecution. Find out what the 4th Appellate District Court of California had to say when the case went before it on the insureds’ motion to strike the complaint on the ground it constituted a strategic lawsuit against public participation.
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Indiana introduces bill to protect interested parties at foreclosure
Posted Date: Wednesday, January 11, 2012
A bill has been introduced in the Indiana General Assembly that would add a new section of the state’s foreclosure statutes that would protect interested and omitted parties when property gets sold at foreclosure. It also shortens the time mortgages can stay in the public record after the last installment of the secured debt before becoming expired.
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Title insurer, property owner duke out coverage dispute
Posted Date: Wednesday, January 11, 2012
After a property owner got into a series of property disputes with a town in New Hampshire, he turned to his title company to defend him. When the company refused, he sued for breach of contract. Read on to find out how the U.S. District Court for the District of New Hampshire had to say when the case went before it on cross-motions for summary judgment.
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Man sentenced for falsifying docs, wire fraud
Posted Date: Wednesday, January 11, 2012
A Fort Meyers man was sentenced for conducting a mortgage fraud scheme in which he, among other things, transferred money to a title agency’s escrow account. Read on for the details.
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NNA helps Alabama notaries adapt to new regulations
Posted Date: Wednesday, January 11, 2012
The National Notary Association is helping Alabama’s notaries comply with a new law that increases their surety bond requirements as well as notaries’ exposure to liability. Read on to find out more about this new program.
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California considers increase in penalties for unrecorded mortgage satisfactions
Posted Date: Wednesday, January 11, 2012
The California State Assembly is considering an increase in the amount a mortgagee or its assignee must pay if they do not provide a certificate of discharge within a certain amount of time after the mortgage has been satisfied. Read on to find out how much money they could now have to pay.
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Massachusetts SJC calls for supplemental briefs in Eaton
Posted Date: Monday, January 9, 2012
The Massachusetts Supreme Judicial Court is not quite ready to come to a decision in Eaton v. FNMA, handing down an order requesting supplemental briefs discussing certain aspects of the case. Their opinion in the case will determine whether a foreclosing entity must hold the promissory note and the mortgage in order to properly foreclose on property in the state. Read on to find out more about the case.
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Parties file merit briefs in unearned fee split case
Posted Date: Monday, January 9, 2012
The parties in an unearned fee split case have filed their written arguments in preparation for presenting their arguments to the U.S. Supreme Court in February. Read on to find out more about this RESPA Section 8(b) case that could end a long-time split in the circuit courts.
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Victim of pilfering scheme sues agency owner’s underwriter
Posted Date: Monday, January 9, 2012
After a trust company was drained of funds by its directors, who were trying to maintain a balance in its title company’s escrow account, it sued the title company’s underwriter. Read on to find out how the 7th U.S. District Court of Appeals ruled when the case came before it on appeal.
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California man sentenced for role in Ponzi scheme
Posted Date: Monday, January 9, 2012
A California man was sentenced for using a fake escrow company to siphon money from investors in a Ponzi scheme that defrauded investors of $2.9 million. Read on for more details.
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